Jyoti Singh, J.

Fao(Os) (COMM) 290/2018 and C.M. Appl. No. 51343/2018 (for stay)

1. The present appeal has been filed by the appellant assailing the order dated 26.10.2018 passed by the learned Single Judge in O.M.P. (COMM) 64/2017 whereby the learned Single Judge has dismissed the petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act") and has upheld the Award dated 27.12.2012 passed by the learned Arbitrator except for the rate of interest which has been reduced to 8% instead of 12% per annum awarded by the learned Arbitrator

2. The brief and relevant facts are that the appellant, who was the respondent in the arbitral proceedings had entered into a Memorandum of Understand (hereinafter referred to as "MOU") dated 25.12.2007 with the respondent, who was the claimant before the Arbitrator. By virtue of this MOU the appellant had taken on lease the premises bearing no. 3/1/22, Site IV, Sahibabad Industrial Area, Ghaziabad, U.P. (hereinafter referred to as "the suit property") at a monthly lease amount of Rs.3,30,000/- for a period of nine years with a lock-in period of 15 months. The lessee/appellant had the liberty unde